Bitcoin Bear Flags As Gold Hammers Into Support - Deep Dive Into The Charts

Hey folks, welcome to verifiedinvesting.com. My name is Gareth Soloway, Chief Market Strategist here. Now in today's video, we're gonna touch on gold, which is hammering into support. So what a pullback. I warned you last week that we were into resistance. I said the gold miners were the top short that I was accumulating there, and what a pullback we have seen on those. Now, I am out of all of my gold miner shorts. I'm out of anything else relative to a short on gold, and believe it or not, it's getting intriguing in terms of technical support being hit on gold to potentially nibble on a long. I have not done that yet, but I am watching it closely. More importantly, I wanna look at Bitcoin today, which is bear flagging over the last couple days. Are we setting up for a flush here in the charts? Before we get into that, as always, just a reminder, folks, you can join Gareth's Top Squad. Gareth's Top Squad is basically my YouTube premium right here, exclusive videos. I've now introduced one live every single week that I'm doing to answer questions from members, and a major discount every single week. It's $10 a month. You can't beat that value. All right, so let's jump right into Bitcoin here. We'll get to gold in just a minute, but basically what we're seeing here is we had this big breakout, and again, this was the call heard around the world from me where I said, again, when we broke above, we had broken out, and then it did nothing. It actually started to make me look the fool, right? Oh, it broke out? Well, why isn't it ripping? Well, it stayed above the trend line and just was energizing its battery, and what a move up then, and that's the beautiful thing about breakouts. It doesn't necessarily mean the second you break out, you gotta rip higher because if it was like that, then everyone would know and everyone would jump on. Sometimes charts have to throw a little bit of a curve ball and re-energize, and sure enough, what a move up. Now, I gave you guys my target. I even posted it up and said, hey, this is where it's gonna stall out and stop and have a pullback. What level was it? Well, simply put, low pivot right here to this low pivot, and look at right here. Look at all these highs. You hit it here, here, here again, and again, and it just could not break out, and what does that do? It creates essentially the path of least resistance, which is to the downside. In addition, you had, see this pivot low right over here? Take that pivot low right there, drag it through. It goes right through this top and right through that area. Now again, when you're doing technical analysis, one of the things you really wanna focus in on is multiple factors. So listen, one trend line's great. It probably puts you above 50% in terms of success. When you introduce or find a secondary factor, that's where you're gonna push yourself to that 75% approximate win rate, all right? So again, you're not gonna get to 100%. You're not gonna get, I've never found 90% even, but can you get to 75% or a little higher? Yes, and that's where you become the casino and not the gambler. So that's what we had here on Bitcoin, and again, low pivot right through resistance here and right there. You had the ascending trend line coexisting. Those two pushed Bitcoin down beautifully. Now again, has Bitcoin put in a bottom? Like is the bear market over? Now again, it has nothing to do with my personal feelings. You guys know I'm a long-term bull on Bitcoin, but in the short term, I'm beholden to what the charts are telling me, and the charts are very simple to read on this, and the chart simply says, well, let's look at the highs. Have we made higher highs yet? What about have we made higher lows yet? And the answer is just looking at highs. You had a high here, all right? Secondary high here, and it was lower. High, lower high. Here you had, again, a lower high, and here we broke up, and was this high higher than these highs? The answer is no. We never took it out, and so as of now, we cannot, based on technical analysis, conclude that the low is in. What's beautiful about something like this, it's very simple to track, and you guys know everything I do is pretty simple, right? I draw a couple lines, all of a sudden there's resistance, there's support, and remarkably, price tends to behave that way around it more often than not, but the answer here is just look for that previous high. Do we take it out? And that high, if we go back to the chart here, is right around 82,850, all right? And again, give or take, we could zoom in and really get a more accurate reading there, but yeah, basically 82,8, we'll call it, right in that vicinity. We never took it out. You can see the high right here. I don't know if you can see that, but right there, that's the highest we got on this last big move up, and then we came in. And by the way, same thing with the lows here, is you have your major lows, low, lower low, and even down here was a lower low. Now again, could we say this was a higher low? I think this is just part of this move, versus we wanna see a dramatic, like when we pull back, what we wanna see is a pullback and then a definitive move up like this. So therefore, you get a very clear low, higher low, very dramatic, right? Versus this was kind of just like float, float, float, boom, to the upside, and then high, higher high. That's the structure of the chart that we need to know to be able to say, okay, the odds now favor a bottom is in on crypto and the bear market is over. Now looking at the chart closer, what are we looking at here? Well, very simply put, we have resistance, we have a reversal candle here, which engulfed the previous green, and then off of that, what are we doing? We're going sideways, all right? That starts to favor a down move. It's inside bar consolidation, that's what we know of as a bear flag formation, and it triggers the potential, and I say the potential, because there's no guarantees. I mean, if we take out this high, then the bear flag fails, and then it can actually break out above it, which again, I think eventually will happen. The question is where or how much does it pull back? Now, a couple of things I'm looking at. The big level, if we ever get a pullback here, I will buy it. Now listen, technically speaking, because the bear market isn't over yet, I may be early if I buy here, but it's such a big level, I'd have to at least swing trade it here at 66,500 to 67,000, all right? Again, major pivot high, major pivot high. I remember when I was talking about the pattern on Bitcoin about a month ago, where I said, guys, you have an inverse head and shoulder forming here, then you got the breakout, it added fuel to the fire. This would be a retrace to that level. So again, that's really the beauty of what we're looking at here. I don't know if it will pull back that far. Other levels, I will be watching. I use my Fibonacci tool, all right? We do our Fibonacci retrace, all right? So first off, you can see, this would be your first support around 75.8. That's only the 2.36. It's not a viable one. I don't really, I'm not a big fan of the 2.36 Fibonacci. The 3.82 is reasonable. The 50% is fantastic. And then here, the 6.18, look at how it aligns with that line I had in before at around 66,800 to 67,000. That's the money shot, right? That's the one that if we were to get it, because the 6.18 coordinates with it, remember we talked about multiple factors and alignment? That's what you want. That, if we get a pullback there, like I said, I'm a buyer there. Multiple factors, good retrace into key support. Could I be early for the bear market being over? Maybe, but it's worth it for at least a swing trade at that level. All right, so let's go on to gold here, and we'll touch base on gold because I do think this is pretty remarkable. Look at the drop on gold. Notice here, guys, on gold, you have this consolidation, this pivot low right here, and that's exactly where gold went. If the bulls are gonna make a stand on this pullback, and it's been a pretty dramatic pullback in gold. I mean, let's be fair. The whole move up, you reversed it just as quickly. You gotta hold this level. 43 and a quarter, 43.25-ish, you gotta hold that level. All right, if this breaks, you have downside here to about 42.50, then where I will be a buyer around 41.65, a retrace into this high pivot and this high pivot right in there. I will start nibbling on that front and starting to accumulate, and then I'll leave myself room just in case it comes below. But this is the line in the sand for the bulls. Notice again, all right, look at this. See how this ascending trend line, I mean, what's amazing, folks, is that even though Bitcoin and gold don't move in tandem like tick for tick, the trend line still worked just like on any chart. And again, see this ascending trend line? Now, remember on Bitcoin, if we go back to that, ascending trend line stopped price right there. Very cool stuff, guys. Again, just again, this is why I love, you know, some people are like, oh, I only trade this one asset or something, or like some people only trade the S&P futures. And I'm like, but once you learn technical analysis, you can trade anything. They're all the same, all right? Obviously, you need volume, but it's all the same in that category. Now, I do wanna just mention, guys, again, this is a big one, and I'll go over one more thing on the chart, but don't forget the Rumble Wallet. It's an easy app to download here. You can download it, buy, sell crypto so quickly, so easily, buy, sell gold in terms of tether. So again, for day trading, for swing trading, I love it for that aspect. And again, use the QR code or the link in the description to download it. You can fund it, MoonPay works with it, bank account, you know, credit card, debit card, all of that, and verified five, the number five, they'll put $5 in stable coins right in your wallet when you use that code after you download it. So do it, it's awesome. Thank you so much to Rumble for being a sponsor and helping me have a big amount of employees and growing the company and doing everything else. It just helps to have great sponsors. All right, back to gold here, guys. So again, we're watching very closely this level here. I'm gonna continue to eye a trend line right from here. Take a look, see this? This is kind of what's interesting here, folks. And this, again, is my last little tidbit, my last little nugget of importance. And you actually have a secondary trend line right through here as well. It's right in this vicinity. But the point is, look at this first trend line, how it's ascending, and it's coming right into that viable level. So again, this, just like on Bitcoin, we talked about multiple factors, this would really be a great opportunity if we get a pullback to basically, I would say, around 41.60, 41.50. This continues to inch up a little by little, and right in this rare area, it's right into that. So if it just takes a little bit of time to come down there, it's going to hit it. Now, I'm not gonna go over silver or altcoins today. I don't have enough time in this video. But what I do wanna say is you guys are amazing. I love the fact that I have so many intelligent people that are watching and understanding the logic, the levels, the calculations, the discipline of using this type of stuff to make money in the markets. It's, by the way, one of the things the institutions don't want you to know about. It's something they use all the time. I mean, quant funds, I mean, think about what quant funds do. It's all about data. And they want you to be emotional because you make the wrong decision at the wrong time, they take your money. Start using logic and discipline, and it changes the game. All right, go have a great rest of your day, guys. Thanks so much for tuning in. I'll talk to you soon. Take care.